Diploma of Financial Services (RG146/PS146)

Has anyone out there completed one?

I am looking at doing one while still at uni to give myself an edge over other graduates.

I have heard it is relatively easy, and there sure are heaps of different training organisations.

Just wanting to get peoples thoughts/experiences if you have done or looked at doing it.

Re: Diploma of Financial Services (PS146)

hello,

I enrolled for this course (home study) several years ago,

bought first 2 folders, just bored me to death, fell asleep reading it actually

thankyou

robots

Re: Diploma of Financial Services (PS146)

I'm currently doing the Dip.FS(FP) through Kaplan.

Yes, it is boring to read I find it a little difficult not being able to bounce ideas off people who are actually in the industry.

That said, that is EXACTLY how I felt at Uni as well - so as a Uni student you may not find it that bad.

Depends though - what exactly are you doing at Uni, and how do you personally feel a Diploma will give you the edge over a Bachelor's degree?

Re: Diploma of Financial Services (PS146)

I went to Uni, completed 2 degrees. Some parts very boring, others not so boring.

Doing the PS146 now, just completed the first module. SO DAMN BORING! First half of the module took me a few days, last half, about 3 weeks because I just couldnt bring myself to read it! Read 2 books instead!

How will it help? Most jobs, stockbroking, financial planning (a MUST), managed funds, find it VERY beneficial to be PS146 compliant as most firms have now moved into the business of offering all the varieties of financial products.

Definately a good idea though prawn if you have time! Thing is, it will probably affect your Uni grades, which is not a good thing! Maybe just use a portion of your holidays each year to complete a module or 2.

Re: Diploma of Financial Services (PS146)

Thanks for the replies all. A few more questions...

robots said:

hello,

I enrolled for this course (home study) several years ago,

bought first 2 folders, just bored me to death, fell asleep reading it actually

thankyou

robots

Click to expand...

Why did you enrol Robots? Was it just to further study? Was it just dry texts that made the reading boring, or was it because it was easy?

Insan3 said:

I'm currently doing the Dip.FS(FP) through Kaplan.

That said, that is EXACTLY how I felt at Uni as well - so as a Uni student you may not find it that bad.

Depends though - what exactly are you doing at Uni, and how do you personally feel a Diploma will give you the edge over a Bachelor's degree?

Click to expand...

As MRC has mentioned below, a lot of brokerage firms and even investment banks now have it as a requirement for a lot of positions. So i think if i can get it done before i even leave uni i will be a step ahead.

Can i ask how much time it takes up realistically?

MRC & Co said:

I went to Uni, completed 2 degrees. Some parts very boring, others not so boring.

Doing the PS146 now, just completed the first module. SO DAMN BORING! First half of the module took me a few days, last half, about 3 weeks because I just couldnt bring myself to read it! Read 2 books instead!

How will it help? Most jobs, stockbroking, financial planning (a MUST), managed funds, find it VERY beneficial to be PS146 compliant as most firms have now moved into the business of offering all the varieties of financial products.

Definately a good idea though prawn if you have time! Thing is, it will probably affect your Uni grades, which is not a good thing! Maybe just use a portion of your holidays each year to complete a module or 2.

Click to expand...

How much time does it really take up MRC?

My uni grades are decent now and i dont really do too much, but holidays were the main time when i was planning on doing it.

thanks all

Re: Diploma of Financial Services (PS146)

I did a Kaplan course too, finished last year, although when I started it was called Finsia.

I did a Grad Dip in Finance and Investment. Did 2 subjects at a time so was able to complete it in 4 trimesters, 1 year and 3 months.

Prawn 86, I have read many of you thread posts and have no doubt you will find the course easy. Although you may be better off finishing your current uni course then enrolling in a post grad course in finance. Its the same content, so if your trying to give yourself an edge, the post grad course would be more beneficial. Also keep in mind that if it does get boring, instead of doing the normal 8 subjects for a diploma, you could just do 4 subjects and get a grad certificate. You would have it completed in 8 months.

If your still in uni and your trying to put yourself ahead of your uni mates, I would suggest work experience over qualifications. Most of the people enrolled in the Kaplan courses are between 25 and 35.

If any questions about Finsia courses ask me, its still pretty fresh in my memory.

Re: Diploma of Financial Services (PS146)

http://www.ps146.com.au/content/courses/diploma_of_financial_services.php

That is actually the link to the one i am looking at doing.

I have spoke with that comapny and they offer a (relatively) cheap external mode which is very flexible. Obviously this suits my needs.

Once i complete the DFS i will recieve credit for a couple uni subjects, so i wont be doubling up n material/wasting time.


Waz:
Thanks for the offer, i may have to ask a couple things when i do start

Why do you suggest a post grad cert? Apart from not covering the same content (which i wont because of credit)

Re: Diploma of Financial Services (PS146)

hello,

i enrolled for hobby purposes,

further readings in life, not much else

thankyou

robots

Re: Diploma of Financial Services (PS146)

I am doing it through Kaplan also.

Took me about 20 hours to read the first module (though I did it very quick because I found it so boring so didnt ensure I remembered things in detail, open book exam). About 15 hours to complete the assignment. Put me off being a Financial Planner, way too many compliance issues. Not to mention, I find retirement, insurance etc as boring as can get! I only really wanted to learn the taxation and various investment product sections.

Its pretty easy (no rocket science), but real jumpy so hard to follow at times as it doesnt go into detailed explanations and throws around a lot of jargon which can confuse you unless you re-read it (which I dont).

Still have to sit my exam, but I usually dont have a problem with that, got distinction averages at Uni without barely doing a thing! I find the whole academic realm generally rather simple. Human brain is only capable of comprehending some very simple concepts, if only people could learn to write and take the time to explain them clearly, that is the biggest problem and why most things can seem "complex" I beleive. Not to mention, most like to expand their ego by "seeming smart".

You wont have a problem with it and I would definately recommend completing it if you want to move into the private finance world once you leave Uni. Big edge over your competition and relatively simple to attain.

Good luck!

Couple more things after reading Waz post. I am only doing 4 units and its a Diploma in Financial Services as I am aware. 8 subjects is an advanced diploma. That is my understanding.

Further, work experience is HUGE! If you are working casually, try work in the field. Otherwise, get one of these summer internships. Plenty of them going, just look up individual sites and spend a day sending resumes out. One example is go to ticker (code) WIG on the ASX. Then go to their website and search for employment opportunities. You will see they have opportunties for current Uni students come up.

Re: Diploma of Financial Services (PS146)

thanks MRC.

I have found it difficult to find part time work in the brokerage/investment type areas. Most seem to only employ full timers. I have a part time/casual job, but it is not in the finance area unfortunately.

I will be applying for summer internships with a few different companies for the end of this year.

The advantage of the DFS course that i am looking at doing is the fact that there is no exam, which is always a bonus

Re: Diploma of Financial Services (PS146)

prawn_86 said:

thanks MRC.

I have found it difficult to find part time work in the brokerage/investment type areas. Most seem to only employ full timers. I have a part time/casual job, but it is not in the finance area unfortunately.

I will be applying for summer internships with a few different companies for the end of this year.

The advantage of the DFS course that i am looking at doing is the fact that there is no exam, which is always a bonus

Click to expand...

No problem.

No matter if you cant work part-time in the industry. Any job is still experience and I would also look at volunteering of some kind, travel, sport (captaining the team) etc, all I think are regarded highly on a resume and can only help.

Internships help a heap!

ha ha, I would rather do an exam and no assignment! I find most exams cake-walk! Just CBF putting in the effort of writing assignments!

Re: Diploma of Financial Services (PS146)

I'm currently doing a Bachelor of Commerce at monash uni (majoring in finance), and there are in fact 2 specific units in my course which give me full PS146 accrediation in Specialist Knowledge in managed investments, securities, financial planning, superannuation and more.
http://www.asic.gov.au/etraining/etrain.nsf/LUDocID/F86828BE9CAC8CE34A256F260005392F?opendocument

The units apear on the ASIC training register.
http://www.asic.gov.au/etraining/etrain.nsf/ByProviderC?openview&key=ByProviderC

Maybe your uni has something similar prawn?

Re: Diploma of Financial Services (PS146)

Has anyone on here completed the CFP program??

I am thinking of doing it. How hard is it and how many hours a week do you need to complete??

Will this make me more employable and ask for a higher salary??

I suppose the advantage is I can work overseas as it is recognised isn't it?

Re: Diploma of Financial Services (PS146)

I'm up to DFP8, but haven't been motivated to complete the final assignment!
Only reason for doing it is for work, otherwise might've completed a Masters of Applied Finance or something similar instead.

However, one good thing about the DFPs are learning about tax/super issues for personal knowledge and use. Learning how to minimise taxes whilst maximising end retirement benefits is always a good thing.

As for the CFPs, the FPA is currently promoting CFPs for the financial planning industry, so they should pick up some new business through the promotions this month. Study wise, few mates completed it and moved up to a Senior position shortly after in financial services, so it does help a bit. And it is internationally recognised in most developed countries.

Re: Diploma of Financial Services (PS146)

miller said:

I'm currently doing a Bachelor of Commerce at monash uni (majoring in finance), and there are in fact 2 specific units in my course which give me full PS146 accrediation in Specialist Knowledge in managed investments, securities, financial planning, superannuation and more.
http://www.asic.gov.au/etraining/etrain.nsf/LUDocID/F86828BE9CAC8CE34A256F260005392F?opendocument

The units apear on the ASIC training register.
http://www.asic.gov.au/etraining/etrain.nsf/ByProviderC?openview&key=ByProviderC

Maybe your uni has something similar prawn?

Click to expand...

My uni offers 2 subjects, which are pretty much equivalent to the first 2 subjects of the DFS. So if you want to be legally qualified to give advice you need to complete the final 2 units of the DFS.

Re: Diploma of Financial Services (PS146)

how important is part-time work while you're studying ?

I haven't been working since january - day trading full time + youth allowance

my only priority at this point is getting a final year internship at one of the i-banks...most grad positions go to interns

is not working part-time going to hurt my chances?

prawn I'm thinking I might do the diploma as well...

Re: Diploma of Financial Services (PS146)

There are shortcuts- if you are applying for a job that notes "PS146 complient or willing to study" your employer can train you to an industry-recognised standard (which is what my prospective employer will do).

Just ensure it will be industry recognised, as I have completed half the course with a major bank yet they did not get the accreditation right so I would have to complete the entire course with Kaplan or go back to the employer for the remaining units.

Re: Diploma of Financial Services (PS146)

I think part time work looks good on your resume, but i do it more for the cash.

I dont have the capital or skills to succesfully day trade.

i too am looking at trying to get one of the investment banks with a grad role, and i have heard the DFS is a good stepping stone

Re: Diploma of Financial Services (PS146)

prawn you gotta start somewhere right ...

& I think you need less capital to day trade than position trade

Re: Diploma of Financial Services (PS146)

Hi all

I finished school in 2005 and got a job working in customer service. I studied a diploma of financial service (financial planning) at FINSIA which was PS146 complaint.

Having not studied at uni before and not really knowing what to expect i felt it was extremly easy and simple. If you failed your assignment (you only had to do one assignment and exam per module) you could re-submit it for free. And whats more is that they even gave you comments as to why you failed. I completed this and i had no real interest in financial planning it was more that it was one of the only courses outside of tafe and uni that related to the financial services industry.

After about a year i was able to move into a junior analyst type position, but this was more luck than anything and i am 100% the dip of financial services had nothing to do with it.

After finishing up my diploma, i was able to gain entry into the grad dip of invest and applied finance. I started studying this and did two subjects in the first semester. I ended up passing the financial markets and then failing the financial accounting one. This was because i was lazy and didnt put much work into it coupled with the fact i hadnt done this at uni or any other tertiatory education. I then compelted another subject property investment, and i was sure i had passed this and managed to fail. Anyways since then i have decided to wait until im 21 get into university.

My comments on both courses are:

- if you are studying at uni i think the dip finacial services is a waste of time. I think you should get into the workforce and see how valuable it is in your company. I know that certain areas of the company i work at (financial services company) value the PS146 qualification and most of the time they will pay you to do this if they think it is worthwhile. At the end of the day this qualification will not get you over the line when comparing you to someone else.

- having said that the grad dip of applied finance is regarded very highly and having the course would give you a edge over your competitors. It is alot more work than the dip of financial services and if you plan to do 2 subjects at a time, then you will probably have to put alot of time into this, especially if you are already working full time.

- i have not been happy with finsia since they sold to kaplan and it has since been re branded. As an educational service provider the main attraction is the branding of the company and its repuation. The securities institute and the finsia had a very strong and highly regarded reuptation however i believe that the change of name to kaplan has changed this. Most employers dont know this new company name and i belive it will be quite a few years for the company to regain its status.

- Customer service and support at kaplan, finsia whatever you want to call it , is a bit lacking and i have not been that happy with them

hope this helps